Closed On Lucky #13 Today...Finally!

[John Thedford]

I got a super nice house under contract about 3 weeks ago. Seller had signed a listing agreement, but agency/seller terminated the agreement because seller was not ready to have interior photos, etc. This one did not come to me through marketing. I have known the seller for some time. We talked a few weeks back and he stated he needed to sell ASAP. So, I took a look and knew I wanted the property. Seller stated he wanted x for the property and I replied back I would see what I could do. His previous listing agreement was for 199K, so he had a pretty good idea of value. 

My first little problem not having 199K liquid! I went to BP among other places, seeking quick cash. I did find some cash, but terms were not as good as I hoped. I then talked to some locals, and again terms were not great for a buy and hold. I then went to CL. Although I had several FRAUDS AND SCAMMERS-no--not the unlicensed broker kind--but the internet ones seeking advance fees, etc, I did manage to find one local that was sincere.  They offered me pretty good terms, much better than I could find elsewhere, so we agreed.

On Monday, we signed. My private lender was non-responsive. I was starting to worry. No phone calls answered, no emails responded to. My seller needed the money last week..and now this. On Tuesday, again, no response. Today, I went to title company, and signed an agreement with seller to delay closing 30 more days, and I agreed to have a few thousand released to seller. I decided that if my private lender flaked out, that I could go elsewhere but probably could not get it done in a day so moving the closing date back, and giving seller cash, solved the issues. 

FINALLY--my private lender funded. Everyone is happy. Seller is out of his bind, and I got a new buy and hold. It is in the NE Cape Coral area. It has been mostly rehabbed with tile, granite counters, etc. I am going to lease it back to the seller. This is the house! I am DARN happy...purchased well under market--giving me a nice payday.

Here is additional language I put in the purchase contract: "buyer is a licensed agent, purchasing under market value, and with a profit motive". Although he had a good idea of FMV, it never hurts to cover your rear end:)

I DID make the contract assignable and could have easily made a minimum 20K, but never considered the assignment game. Why give away 30K for nothing?  I need the income:)